The past few days have been fantastic for the altcoins. This has gotten a lot of people talking, with some believing it’s the ‘alts season’ again. With Bitcoins’ price on a falling spree and altcoins gaining some attention, one cannot but agree to the fact that the alt season could be back for real.
Ethereum Leads The Pack; Others Follow
Ethereum, the second most valued cryptocurrency, has been making the rounds of recent. This is because of the remarkable progress its made. However, some analysts have identified the reason behind the surge for the ETH’s price.
The senior research analyst at DecentralPark, Elias Simos, while sharing his view on this believes there’s been more demand than supply of ETHs. He also says in a tweet he shared via Twitter that there’s been a consistent ‘net outflow’ of the asset from top crypto exchanges over the past week.
Over the past week, $ETH printed consistent exchange net outflows for *only* the 3rd time in 2019.
Someone has been shopping🛒🛒🛒 pic.twitter.com/GmNKr7LLHF
— Elias Simos (@eliasimos) September 16, 2019
Clarifying his stance, Mr. Simos believes people are stacking up ETH tokens. They are purchasing these tokens from top exchanges and sending them out to non-exchange wallets. This is, however, a piece of good news for ETH. But not just Ethereum, other crypto assets such as the Ripple’s XRP, Litecoin (LTC), Stellar (XLM), and EOS are not left behind.
To further confirm this, live data displayed by CoinLib also clearly shows that there’s been a massive dump of BTCs for altcoins. The report shows there’s been a substantial amount of BTC being flipped into altcoins such as the ETH, XRP, LTC, EOS. However, the record shows that people picked more interest in Ethereum than other altcoins.
Apart from people stacking up Ethereum tokens, Fomo’s and all, another reason behind Ethereum’s recent growth has been the Vitalik Butterin’s recent announcement.
Recently, Butterin had given an update on Ethereum 2.0. According to him, there’s been a lot of progress made in the past few weeks. He mentioned specifically that the first stage of the development has been “finalized except for things that come up during the security audits.”
While telling the community about what to come, he further said;
“The next step is to make sure they can maintain a public network at scale. We’re talking about potentially hundreds of thousands of validators aggregating a huge number of transactions.”